Stocks Fall, But End Off Lows; Apple Jumps 3%

Stocks finished in the red but near the day's best levels, as Apple's (AAPL) late rally provided a lift.

The Nasdaq closed down 0.1%, after slipping as much as 1% intraday. The S&P 500 lost 0.2%, while the Dow Jones industrial average fell 0.3%. Volume finished mixed in the stock market today, according to early data — up a little from Wednesday's level for the NYSE, but down slightly for the Nasdaq.

Apple rose 3% after releasing a statement to address demands from hedge fund manager David Einhorn, who runs Greenlight Capital. Greenlight sued Apple on Thursday, saying it should share more of its cash with shareholders and asking for a perpetual preferred stock arrangement.

In response, Apple said in part: "Apple's management team and Board of Directors have been in active discussions about returning additional cash to shareholders. As part of our review, we will thoroughly evaluate Greenlight Capital's current proposal to issue some form of preferred stock. We welcome Greenlight's views and the views of all of our shareholders."

The tech giant issued its statement about 20 minutes before the market's close. It has been trading at levels last seen a year ago, and its IBD Composite Rating has slipped to a mediocre 50, far from the best-possible grade of 99.

Key headlines today included worse-than-expected readings for initial weekly jobless claims and fourth-quarter productivity, as well as the dollar rising vs. the euro after comments from European Central Bank President Mario Draghi.

On Friday, the day's economic news will include fresh data for international trade and wholesale trade. Beacon Roofing Supply (BECN) is among the companies planning to report quarterly earnings.

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